Save my name, email, and website in this browser for the next time I comment. Which as we know can introduce additional friction into the check-out process and is at a high risk of fraud. "The “one size fits all” approach t……, . Get our hottest stories delivered to your inbox. What’s more, both the FCA & UK Finance have said that in the longer-term banks should be reducing their reliance on the use of SMS OTPs for authentication. The solution that you adopt for behavioral biometrics must offer low margins for error. © PaymentExpert is part of Sport Global Ltd. Write CSS OR LESS and hit save. The European Banking Authority (EBA) has extended its current deadline for the migration to strong customer authentication (SCA) under the revised Payment Services Directive (PSD2) for e-commerce card-based payment transactions as part of a new opinion published today.. A number of recommendations have been set out in the Opinion, including the suggestion that national competent authorities (NCA) should communicate to payment service providers (PSP) in their jurisdiction that the supervisory flexibility they have exercised does not represent a delay in the application date of the SCA requirements in PSD2 and the EBA’s Technical Standards. Register for free, Useful insights, strong opinions, and a fintech buzzword jailhouse, Matching the right talent with the right organisation,, Monzo replaces chief risk officer Lisa Nowell. The CBIRC's Liang Tao warned fintech lenders at a conference in Beijing this week. The extension gives them the opportunity to look into more strategic approaches. Click here for more information on our. EU payments bodies call for further SCA delay, Three major US banks make up half of 2020’s $11.39bn fine total, Thoma Bravo buys majority stake in risk and reporting firm AxiomSL, Silent Eight lands $9m to help firms tackle money laundering, Enveil CEO: Fragmented AML regulation creates "Russian doll effect". Most notably: And this aligns with the FCA's views on finding the right solutions for customers. ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020, EU Digital Chief: Tech Firms That Break New Rules Face Fines, Break Up, HSBC Debuts Open Payments Platform For eCommerce As Alternative To Debit, Credit, Yapily Works With KashFlow On B2B Bookkeeping Improvements, PPP Fraud Reveals New Need For Banks To Use Geolocation Data, US Mobile Adopts Digital Identity Protocols To Protect Against SIM Swap Fraud. It follows the EBA’s recognition of the complexity of the requirements, and the lack of preparedness, which would result in significant impact for consumers. The COVID crisis has diverted management attention away from resolving these problems and presents real challenges to our sector and travel & hospitality, the two ecosystems identified by the Commission as worst hit by the crisis. He said that, in general, online merchants are expecting to see about 25 percent of their volume require SCA. The original deadline has long passed, but the EBA already acknowledged in June that it would have to provide an extension due to challenges arising from a complex payments market , when seeing the obstacles and problems companies were faced with. Over time, behavioral biometrics has the potential to displace the knowledge factor. The European Banking Authority (EBA) has extended its current deadline for the migration to strong customer authentication (SCA) under the revised Payment Services Directive (PSD2) for e-commerce card-based payment transactions as part of a new opinion published today. It’s about positively identifying the individual, so you satisfy the regulation and at the same time, deliver the best possible customer experience. Payments Cards & Mobile is the go-to market intelligence hub for global payments news, research and consulting. The Financial Conduct Authority (FCA) announced on 30 April that it is extending the deadline for the industry to implement strong customer authentication (SCA) for e-commerce. Most retailers will need to have SCA thoroughly tested and successfully deployed by mid-October in advance of any system freezes and the start of peak trading over the Christmas period, upon which, given the massive impact of the COVID crisis, their future survival may depend. This takes the UK to a revised deadline of the 14 th of September 2021. Registered Office: Kemp House, 152-160 City Road, London, EC1V 2NX. What opportunities does this extension bring to the banks? The outage was not prevented by the failover solution in place. Ultimately, as cross-border commerce returns, we may get a sense of frictions inherent in transactions that cross currencies and time zones, said McLain. Private equity group plans to boost RegTech’s international footprint. Banking Technology November issue out now, Without limits: The Barclays accelerator races ahead, Fintech execs race towards workplace diversity. But the opportunity is a fleeting one — as 32 percent of consumers who have been falsely declined will stop shopping with a particular merchant. Now, he said, “merchants are about as ready as they are going to be.”. Despite some countries, like the UK, adding further extensions to the SCA deadline, the EBA is maintaining its strict ruling that the December 2020 deadline must be met. We detect genuine behavior and fraud in the same check which keeps equal error rates at a minimum. About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The FCA confirmed the new SCA enforcement date to be 14 September 2021 in the UK. Historically the priority has been on achieving compliance on PSD2 itself, with many other business factors being classed as secondary. The FCA also recently welcomed the industry recommendations put forward by UK Finance to focus on behavioral factors as an authentication method. Updated (October 17, 2019): The EBA has published its opinion on the deadline and process for completing the migration to SCA. Nowell leaves after just over a year in her position. The European Banking Authority (EBA) has released an opinion stating that the revised deadline for migration to SCA has been set at 31 December 2020, a 15-month extension from the original implementation date of 14 September 2019.. Nordic Capital acquires RegTech from BearingPoint. I did this from the age of 18, and have really enjoyed being out on the course watching the racing. This minimizes unnecessary fallbacks to less favorable authentication types. To move towards 100% without any glitches in the next six months is quite a challenge. And for the payments ecosystem as a whole, false declines are riskier as merchants encounter a growing population of individuals who have never bought goods or services online before. Many banks and issuers had been looking into tactical solutions to meeting the compliance deadline on day one. Are my authentication controls aligned to authorization controls? This website uses cookies, including third party ones, Updated (September 14, 2019): SCA requirements have gone into effect in Europe. Your comment will be reviewed by our team and published soon. And data modeling can help reduce false positives while improving the overall payment flow. By continuing to use our website, you agree to the use of such cookies.

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